President Roh's visit would further boost UAE-Korea ties: UAE Ambassador

posted on 13/05/2006: 577 views

The UAE Ambassador to South Korea, Abdullah Al Mu'ena, has said that the visit to the UAE by South Korean President, Roh Moo Hyun, on May 12, was very significant as it would further boost economic and political cooperation between the UAE and South Korea.

In a statement to the Emirates News Agency (WAM) on the occasion of the landmark visit, the UAE Ambassador said the United Arab Emirates maintains strong and firm bilateral relations with the Republic of Korea, adding that the volume of cooperation between the two countries was big. "We endeavour to develop this cooperation by increasing its volume in all fields, i.e. investment, economy, trade, culture, tourism, and other forms of cooperation that serve the economies of the two countries and the interests of their friendly people," he said.

He pointed out that the UAE's distinguished relations with the Republic of Korea had been deeply rooted throughout the past years. He said the relations had achieved more progress on the principle of mutual respect and common interests, adding that ties between the two friendly countries had been deepened by the visit made to Korea in 2004 by Deputy Prime Minister, Sheikh Hamdan bin Zayed Al Nahyan and the landmark visit made in November last year by the former South Korean premier, Lee Hae-chan.

He said the Republic of Korea needs no introduction for what it had achieved in its giant economic leap, fast growth and high technological development. He pointed out that the sharp rise in the UAE's economic importance does not nullify the economic importance of other countries with regard to the volume of their economies. This, he said, will support the global economy by increasing its importance due to the unity of the world economies. He cited a number of areas of investment in the UAE which, he said, Korean businessmen and investors can tap for mutual benefit.

He said many international companies are doing businesses in UAE free zones. Among these companies, he noted, are a number of Korean companies which the UAE views their expansion and increase in number as a major promotion for economic and trade cooperation between the two countries.

Another area of good investment in the UAE, he said, is the property and real estate sector. He further said the real estate market in the UAE is very big and lucrative. He urged Korean investors to seize the opportunities provided by the UAE in this sector.

He advised specialised firms in this area to establish permanent presence in this area by opening their representation offices in the country to have first hand information about biddings on mega projects being announced from time to time.

The UAE Ambassador concluded his statement by saying that he strongly expects the visit to the UAE by South Korean President to open a new horizon in relations of partnership in various fields between the two countries.

A report prepared by the UAE Embassy in Seoul said the two countries are on path to establishing a strategic economic partnership in the coming years. The report highlighted on some available investment opportunities in the country which Korean businessmen can venture into. It cited a number of promising sectors like the building of industrial installations, real estate and property development, including building of services facilities like private schools, hospitals, hotels and towers for housing purposes.

The report also touched on the UAE's tourism sector which is witnessing a big boom, thanks to a number of favourable factors, including good weather in most part of the year, beautiful and clean sandy beaches, fantastic hotels and many shopping malls and historic tourist spots scattered all over the country. This is in addition to a number of sporting and cultural activities being held in the country which wins the heart and mind of tourists. They include horse and camel racing events, skiing on sand dunes in the desert and the hosting of various international exhibitions and conferences. All the above make investment in the tourism sector a lucrative business worth venturing into, the report said. (Emirates News Agency, WAM)